FXTM Review – Best Review of ForexTime forex broker 2019
To open a live account, you’ll need a minimum deposit of at least $5. Alternatively, ForexTime offers a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by the Financial Conduct Authority, UK (FRN: 600475), CySEC (Licence: 185/12), and Financial Services Provider #46614 in South Africa. ForexTime puts all client funds in a segregated bank account and uses tier-1 banks for this. ForexTime has been established since 2011 , and have a head office in Cyprus, UK .
Before we dive into some of the more detailed aspects of ForexTime ’s spreads, fees, platforms and trading features, you may want to open ForexTime ’s website in a new tab by clicking the button below in order to see the latest information directly from ForexTime.
What are ForexTime’s spreads & fees?
Like most brokers, ForexTime takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum spreads listed on ForexTime’s website. The colour bars show how competitive ForexTime’ spreads are in comparison to other popular brokers featured on BrokerNotes.
Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, ForexTime ‘s minimum spread for trading EUR/USD is 1.6 pips – which is relatively high compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with Forextime
How much does ForexTime charge to trade 1 lot of EUR/USD?
If you were to buy one standard lot of EUR/USD (100k units) with ForexTime at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $1.62. Here’s a rough breakdown of the fees and how this compares against XTB & City Index .
|Spread from:||$ 1.00|
|Typical overnight fee:||$ 0.62|
|Total cost of a 100k trade:||$ 1.62|
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018.
What can you trade with ForexTime?
ForexTime offers over 249 different instruments to trade, including over 57 currency pairs. We’ve summarised all of the different types of instruments offered by Forextime below, along with the instruments offered by XTB and City Index for comparison.
|FX / Currencies||ForexTime|
|# of forex pairs offered||57|
|Major forex pairs||Yes|
|Minor forex pairs||Yes|
|Exotic forex pairs||Yes|
|# of commodities offered||0|
|Index & Stock CFDs||ForexTime|
|# of Stocks offered||173|
|SEE FOREXTIME’S INSTRUMENTS|
What’s the ForexTime trading experience like?
1) Platforms and apps
ForexTime is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.
ForexTime also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.
2) Executing Trades
With ForexTime, the minimum and maximum trade requirements vary depending on the trader and the instrument. As ForexTime offer ECN and STP execution, you can expect very tight spreads with more transparency over the price you’re paying to execute your trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
ForexTime also offers a number of useful risk management features, such as stop losses (with trailing stops), limit orders negative balance protection price alerts and much more. You can see all of the account features offered by ForexTime here.
Finally, we’ve listed some of the popular funding methods that ForexTime offers its traders on the right.
3) Client support
ForexTime support a wide range of languages including Italian, Malay, Polish, Dutch, English, Arabic, Chinese, Czech, Indonesian, Russian, Serbian, Slovak, Spanish, French, German, and Greek.
ForexTime has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.
4) What you’ll need to open an account with ForexTime
As ForexTime is regulated by CySEC , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
- A scanned colour copy of your passport, driving license or national ID
- A utility bill or bank statement from the past three months showing your address
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore ForexTime’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with ForexTime you can visit their website here.
NOTE: CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from http://www.forextime.com